…Crude petrol/natural gas production displaced, construction joins top seven
Early numbers emerging from the ongoing Gross Domestic Product (GDP) and Consumer Price Index (CPI) rebasing have showed significant structural changes in Nigeria’s economy, with crop production, trade and real estate emerging as the three largest contributors to the economy.
Telecommunications, crude petroleum and natural gas, construction, food beverages and tobacco made the top seven.
Crude oil and natural gas processing has been displaced by real estate from being the third economic activity, placing it at the fifth position.
Also, food beverages and tobacco ranks 7th, construction enters as the 6th largest, while public administration is totally displaced from the top seven largest.
The National Bureau of Statistics (NBS), last year, commenced the rebasing the country’s Gross Domestic Product (GDP) and Consumer Price Index (CPI), due for release later this month.
This initiative aims to reflect updated economic conditions and is recommended every five years by the United Nations Statistical Commission.
Read also: Top 10 high-yield crops to grow for profit in Nigeria
The last rebasing occurred in 2014, leading to a significant GDP increase of 89 percent, positioning Nigeria as Africa’s largest economy.
According to the NBS, crude oil production has been replaced by real estate sector, as the third leading economic activity after crop production.
Trade has remained the top activities in the Nigerian economy.
Moses Uwaniko, technical assistant to statistician general, who made presentation on update of the rebasing, presented the provision of the rebasing at a sensitisation workshop organised by the Nigerian Economic Summit Group in collaboration with the NBS on Thursday, noting that the base year for new provision was 2019 as against the former, which was 2010.
According to him, the rebasing covered new areas of the economy including digital economy, modular refineries, pension fund administration, national health insurance scheme, mining, among others.
Noting the implications of the rebasing exercise, Uwaniko said it would allow for economic and development planning, growth trajectory and increase in the size of economy.
“This current exercise will enhance data accuracy and inform better policy-making in light of recent economic shifts, particularly in technology and digital sectors,” he stated.
…to be updated shortly
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
